Qiaqia Food Co. Ltd. said its third-quarter normalized net income was 17 fen per share, a decrease of 16.3% from 20 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 82.6 million yuan, a decrease of 17.4% from 100.0 million yuan in the prior-year period.

The normalized profit margin declined to 9.4% from 11.3% in the year-earlier period.

Total revenue declined year over year to 876.3 million yuan from 885.7 million yuan, and total operating expenses rose year over year to 771.1 million yuan from 752.3 million yuan.

Reported net income decreased 17.7% on an annual basis to 99.1 million yuan, or 20 fen per share, from 120.5 million yuan, or 24 fen per share.

As of Oct. 21, US$1 was equivalent to 6.77 yuan.